From: Heather Gray

From: Heather Gray To: jeffrey E. <jeevacation®gmail.com> Subject: Re: Date: Sat, 20 May 2017 17:13:46 +0000 Aaah, yes. Christie's draft fine art appraisal has the Picasso bust valued at $70 million and their draft appraisal of the Chinese bronzes has the collection valued around $100 million less than the Gisele Croes valuation from a few years ago. In the case of the bronzes, It may be that Gisele has access to the private sale market in a way that Christie's really doesn't and that private sales are where the higher values are (rather than at auction). I don't know enough about the market for Chinese bronzes to know if that is the case, but Gisele recently sold two bronzes for Leon and her sale prices came in much closer to her appraised values for the objects than to Christie's appraised values. I haven't asked Christie's why they are so much lower because I wanted Leon to have a chance to look at the appraisals first (he has both of them, and he also had the books appraisal where the values for the most part were closer to what we had anticipated). Sent from my iPhone On May 20, 2017, at 12:46 PM, jeffrey E. <jetus@grrtn> wrote: Leon said Chinese news bronzes and Picasso bust valuation odd On Sat, May 20, 2017 at 11:55 AM Heather Gray <I II> wrote: Sure, Jeffrey. What types of valuation questions do you mean? General things like that lawsuit against Sotheby's? Congratulations on the Braque, by the way. It did much better than either auction house predicted. Sent from my iPhone On May 20, 2017, at 8:08 AM, jeffrey E. [email protected]> wrote: I would love je to hear about valuation questions please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation®gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA01045175 please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA01045176